AUSTRIA. Legal aspects of sale and purchase of real estate. What are the titles and the formalities of the transfer of real estate?

Size: px
Start display at page:

Download "AUSTRIA. Legal aspects of sale and purchase of real estate. What are the titles and the formalities of the transfer of real estate?"

Transcription

1 AUSTRIA by Stefan Artner, MRICS, and Gabriele Klemm DORDA BRUGGER JORDIS 1. Legal aspects of sale and purchase of real estate What are the titles and the formalities of the transfer of real estate? The transfer of real estate in Austria is subject to a twotier process: the contract creating the right (referred to as title) and the registration in the land registry (the modus ), after which the purchaser becomes legal owner of the property. The title in most cases a purchase agreement needs to be certified by a notary public or a district court and must at least designate the contracting parties, the real estate and the purchase price (or at least its method of calculation). It is common practice to also include the Aufsandungserklärung, i.e. a provision containing the specification of the property and the seller's express consent to the registration of the purchaser as new owner of the property, in the purchase agreement. However, this is only a requirement for the registration and does not affect the validity of the purchase agreement itself. Does the principle superficies solo cedit apply or is there a differentiation between ownership of buildings and ownership of land? Austrian district courts (depending on the location of the real estate). It is available to the public (except for certain privileged dat and its information can be accessed online. Only upon registration in the relevant land registry is ownership transferred to the buyer. As long as a legal transaction involving real estate is not registered, it is not effective vis-à-vis third parties. Hence, before registration, the party to the contract has only a contractual claim for performance against the other contracting party, but has not yet become legal owner of the property. Furthermore, according to the principle of good faith, entries into the land registry can be relied on as accurate and valid. What are the restrictions on the transfer of real estate? The possibility to transfer real estate is limited by the Land Transfer Acts of the nine Austrian provinces regulating the transfer of agricultural and forestry land and the acquisition of real estate by foreigners. EU/EEA citizens are treated equally to Austrian citizens. For others, however, the acquisition of real estate is subject to approval by the local land transfer authority, which is by law a suspensive condition for the purchase agreement. Unless agreed otherwise between the contracting parties, in certain cases defined by law, the principle superficies solo cedit does apply, i.e. the building is treated as an inseparable part of the land and thus "follows" the property in the case of transfer. Is there, and if yes, what is the form and scope of competence of the land registry system? In Austria, all land is registered in the national real estate registry. This registry is operated and administered by the e) How does a transfer of a property affect current encumbrances? Any property can be encumbered with the right of a third person (whether a legal entity or a natural person), i.e. with mortgages, easements or pre-emptive rights. Such encumbrances can be created either by contract or by decision of a state authority (court). If a pre-emptive right or a prohibition of sale is registered, this right has effect in rem. Thus, the registration of a new owner in the case of a transfer of a property can be made only upon lodging the consent of the person entitled by 3

2 f) the registered right (which, of course, can be substituted by a court decision if the party is unwilling to issue such consent, even though obliged to). Other encumbrances like mortgages and easements do not prevent the property from being transferred to a third party. However, they also remain valid and enforceable against the new owner of the property. Assessment of the possibility of restitution claims by third parties or ownership claims by the state or municipality. In Austria, the possibility of restitution claims is in general no longer available. In the past, the Austrian National Fund and the General Settlement Fund were established to provide monetary compensation to victims of the National Socialism; there was also a possibility of in rem restitution of real estate. For the purposes of in rem restitution the term "publicly owned property" only covers real estate and buildings (superstructures) which were exclusively and directly owned by the Federation or any legal person under public or private law wholly-owned, directly or indirectly, by the Federation on 17 January 2001, and which were taken from their previous owners between 12 March 1938 and 9 May Applications for in rem restitutions are examined and decided by an Arbitration Panel. Applications to the Arbitration Panel were to be filed in writing by 31 January A prolongation of this term until 31 December 2009 has only been agreed upon by certain Provinces and Municipalities, such as the Province of Vienna. 2. Legal aspects of leases What are the typical provisions for leases regarding: (i) length of term; (ii) rent increases; (iii) tenant's right to sublease; (iv) transfer of the lease (e.g. sale of property, corporate restructuring of tenant); (v) change of control of landlord/tenant; (vi) repairs General: In principle, lease agreements for both residential and business purposes are governed by the Austrian Tenancy Act ("MRG", Mietrechtsgesetz) - which depending on the type of premises is applicable in full, partly (e.g. for business parks) or not at all - and by the Austrian Civil Code ("ABGB", Allgemeines Bürgerliches Gesetzbuch). If the MRG is not applicable, only the respective provisions of the ABGB apply. The MRG is highly restrictive and mainly intends to protect the tenant's interests. Thus, most of its provisions (e.g. restrictions on early termination, maximum rent) are mandatory and cannot be waived or modified to the tenant's disadvantage. (i) Lease agreements can be concluded either for an indefinite or for a definite term. As lease agreements under the MRG for an indefinite term can only be terminated by the landlord for specific important reasons, there is a tendency to preferably conclude lease agreements for a definite term. (ii) Most lease agreements provide for an index, usually in accordance with CPI. Furthermore, within the full scope of the MRG, the landlord of a business premises is entitled to increase the rent to the market price in cases of substantial changes in the tenant's enterprise or ownership structure. (iii) In general, the tenant is entitled to sublet or assign; in practice this right is contractually restricted. However, within the full scope of the MRG, only the subletting of the entire premises may be prohibited. (iv) If the shares of the tenant are transferred, the lease agreement remains in force and, only within the full scope of the MRG, the landlord may increase the rent. If not the shares but the business of the tenant is transferred, the lease agreement, within the full scope of the MRG, is transferred to the legal successor entitling the landlord to a rent increase. (v) Change of control of the tenant does not constitute an important reason entitling the landlord to early termination, but may give him the right to increase the rent. (vi) Pursuant to the MRG, the tenant is obliged to provide and pay for any maintenance works and repairs except for maintenance/repair works that become necessary due to serious damages affecting the substance of the building. Furthermore, unless agreed otherwise, Sec 1096 ABGB provides that the landlord keep the leased premises in good condition. However, it is very common to exclude this obligation of the landlord or to limit it to structural damage, but it must be noted that with two decisions in 2006, the Supreme Court restricted such limitations, specifically vis-à-vis consumers. What are the restrictions on the termination of the lease? Are there any provisions allowing a party to renew the lease? Indefinite lease agreements governed by the Austrian Tenancy Act (MRG) may only be terminated by the landlord for specific important reasons listed in the MRG, i.e. default of rent, adverse use, inadmissible subletting, etc. Any further reasons entitling the landlord to termination may only be agreed upon if they are comparable to the taxative list set out by the MRG. Alternatively, the tenant may terminate the lease agreement at any time without specific reasons. Due to this strict regulation of the termination possibilities of 4 AUSTRIA CROSS BORDER INVESTMENTS IN REAL ESTATE AND GENERAL OUTLINE OF REAL ESTATE TAXATION IN THE CEE REGION

3 the landlord in cases of an indefinite lease agreement, many lease agreements are concluded for a definite term only. A minimum term of 3 years is required in cases of a lease regarding an apartment (not in cases of business premises). Within the MRG, definite lease agreements are automatically renewed for one further term of three years unless termination notice is given in due time and form or the parties agree on the renewal of the lease before the definite lease agreement expires. If after these three years the lease again is not duly terminated, the respective lease agreement is automatically regarded as an indefinite lease agreement. However, the tenant of an apartment is after one year entitled to terminate the lease agreement at the end of each month following three months' written notice. Are there any taxes (e.g. stamp duty, VAT) payable on rent and on conclusion of a lease agreement? A written lease agreement triggers stamp duty of 1% of the rent over the whole term of the lease (max 18 years) or over the three years' rent (in case of a lease for an indefinite term). Rent is further subject to VAT, 20% for lease agreements concerning businesses and 10% for private leases. Must/should lease agreements be registered in the land registry, what are the legal consequences? There is no obligation to register lease agreements; however, it might be advisable to register the lease in the land registry because then the position of the tenant is considered as an absolute right and is thus valid vis-à-vis third parties. According to Sec 1120 of the Austrian Civil Code (ABGB), when a property is sold, any lease agreements automatically transfer to the purchaser who becomes the new landlord. However, the purchaser is not bound by the provisions regarding term and termination or by any unusual provisions (unless he knew or should have known them). Thus, the lease agreement runs the risk of being terminated earlier in the event of a sale (except within the full scope of the MRG), unless the lease agreement has been registered or the parties have explicitly agreed on the transfer of the lease (e.g. in the lease agreement). 3. Duties and taxes relating to the acquisition of real estate Is there any real estate transfer tax? What is the rate of such tax? The transfer of ownership in real estate triggers Land Transfer Tax (Grunderwerbssteuer) in the amount of 3.5% (2% for a transfer to certain family members). Furthermore, a registration fee of 1% for the registration in the land registry accrues. The consideration for the property (purchase price) serves as a tax base. Both the seller and the purchaser are jointly and severally liable towards the tax and revenue office for payment of the transfer tax and the registration fee, irrespective of what is stated in the transfer agreement. Also, if the transfer occurs by inheritance or gift, the transfer of real estate is subject to Land Transfer Tax (Grunderwerbssteuer) irrespective of whether the transfer was against consideration or by inheritance or gift. Are there any other stamp duties, registration fees, or other similar costs accruing on the occasion of a real estate acquisition? (cf above, 3. Is the acquisition of real estate subject to VAT? In which cases is it possible to deduct VAT? Basically, real estate transactions are not subject to VAT. However, pursuant to Sec 6 VAT Act, the parties have an option to charge VAT (20%) for any transfer of a property (usually for Input VAT reasons when the seller had claimed substantial Input VAT amounts relating to the property in the years preceding the sale). 4. Tax aspects of holding real estate located in the host country What are the tax consequences if the investor is a (non-resident) individual? Income (such as rental income) derived from real estate located in Austria is always subject to Austrian income taxation regard- less of whether the investor is an Austrian or non-austrian resident. The tax rate is progressive and goes up to 50%. 5

4 What are the tax consequences if the investor is a (non-resident) company? What are the relevant rules of withholding taxes? Income (such as rental income) derived from real estate located in Austria is always subject to Austrian income taxation regardless of whether the investor is an Austrian or non-austrian resident. The tax rate for corporations is flat and amounts to 25%. e) There is a 25% withholding tax on dividends and no withholding tax on interest. Are there any other taxes resulting from holding real estate? What are the possibilities of tax efficient financing in such a case (deductibility of financing costs)? There is an annual property tax based on the historically assessed value of the property; those historic values, however, are far below the actual market value. Debt financing is possible and interest is usually deductible. However, debt financing received from related parties must comply with arms-length terms with respect to thin capitalisation, security and interest rates, etc. 5. Tax aspects of selling real estate in the host country What are the general rules on: (i) corporate taxation; (ii) personal income taxes; (iii) taxes related to real estate; (iv) value added taxes; (v) other taxes; (vi) double taxation treaties; (vii) non-resident investor and local taxes? (i) The sale of real estate (gains hereof) by a corporate entity is always subject to corporate income tax at a rate of 25%. (ii) The sale of real estate (gains hereof) by an individual in its private assets sphere is not subject to capital gains tax if the real estate was held for at least ten years (shorter periods apply for residential real estate). (iii) There is a real estate transfer tax (3.5%) and a land registration fee (1%). (iv) The sale of real estate is, in principle, exempt from VAT; however, an option may be chosen to make the transaction subject to VAT. (v) N/A. (vi) In the context of real estate, the tax treaties typically (vii) In the context of real estate, the tax treaties typically What are the tax aspects of direct investment in cases of: (i) Sale of real estate by a nonresident individual; (ii) Sale of real estate by a nonresident company? (i) The sale of Austrian real estate by a non-resident individual is taxable in Austria under the general rules that would also apply to Austrian resident individuals. (ii) The sale of Austrian real estate by a non-resident corporate entity is always subject to corporate income tax at a rate of 25%. What are the tax aspects of selling real estate companies in cases of: (i) Sale of shares in real estate company / real estate partnership by a non-resident individual? (ii) Sale of shares in real estate company / real estate partnership by a non-resident company, partnership, trust? (i) The sale of an Austrian corporation and partnership is always taxable in Austria, unless the applicable tax treaty provides an exemption. (ii) The sale of an Austrian corporation and partnership is always taxable in Austria, unless the applicable tax treaty provides an exemption. 6 AUSTRIA CROSS BORDER INVESTMENTS IN REAL ESTATE AND GENERAL OUTLINE OF REAL ESTATE TAXATION IN THE CEE REGION

5 6. Asset deal vs. share deal: Particularities and pitfalls with regard to the sale or lease of real estate Description of a typical acquisition structure and evaluation of the different possibilities to acquire real estate. Advantages and disadvantages of direct investment in real estate (asset deal vs. share deal)? (i) The sale of real estate (gains hereof) by a corporate entity is always subject to corporate income tax at a rate of 25%. (ii) The sale of real estate (gains hereof) by an individual in its private assets sphere is not subject to capital gains tax if the real estate was held for at least ten years (shorter periods apply for residential real estate). (iii) There is a real estate transfer tax (3.5%) and a land registration fee (1%). (iv) The sale of real estate is, in principle, exempt from VAT; however, an option may be chosen to make the transaction subject to VAT. (v) N/A. (vi) In the context of real estate, the tax treaties typically (vii) In the context of real estate, the tax treaties typically Please describe any particularities or pitfalls with regard to the sale or lease of real estate. Stamp duty issues can be a pitfall for foreign investors as they may not be familiar with the peculiarities of the Austrian tax system. Written lease agreements, for example, trigger substantial stamp duties in the amount of 1% of the rent over the whole lease term (cf above, 2.; that is why some parties choose to enter into non-written agreements (e.g. by written offer of the tenant and factual acceptance by the landlor. However, one should be aware that a qualified reference to that agreement by either of the parties in the subsequent correspondence triggers stamp duty. 7

AUSTRIA. Legal aspects of sale and purchase of real estate. What are the titles and the formalities of the transfer of real properties?

AUSTRIA. Legal aspects of sale and purchase of real estate. What are the titles and the formalities of the transfer of real properties? AUSTRIA by Stefan Artner and Gabriele Klemm DORDA BRUGGER JORDIS 1. Legal aspects of sale and purchase of real estate What are the titles and the formalities of the transfer of real properties? The transfer

More information

FIRM ARTICLE ITALIAN LAW ON REAL ESTATE. Real estate matters are fundamentally regulated by the Civil Code.

FIRM ARTICLE ITALIAN LAW ON REAL ESTATE. Real estate matters are fundamentally regulated by the Civil Code. FIRM ARTICLE May 9, 2012 ITALIAN LAW ON REAL ESTATE 1.1 Laws governing real estate in Italy. Real estate matters are fundamentally regulated by the Civil Code. 2.1 Legal restrictions on ownership of real

More information

ISSUES RELATING TO COMMERCIAL LEASING. LATVIA Klavins & Slaidins LAWIN

ISSUES RELATING TO COMMERCIAL LEASING. LATVIA Klavins & Slaidins LAWIN ISSUES RELATING TO COMMERCIAL LEASING LATVIA Klavins & Slaidins LAWIN CONTACT INFORMATION Ilga Gudrenika-Krebs Kristine Stege Klavins & Slaidins LAWIN Elizabetes 15, Riga, LV 1010, Latvia 371.67814848

More information

Overview of real estate transactions in 5 CEE countries

Overview of real estate transactions in 5 CEE countries Overview of real estate transactions in 5 CEE countries Czech Republic Hungary Poland Romania Slovakia www.accace.com accace@accace.com CONTENTS Real estate contracts... 3 Real estate taxes... 6 In case

More information

ISSUES RELATING TO COMMERCIAL LEASING. SWITZERLAND Pestalozzi

ISSUES RELATING TO COMMERCIAL LEASING. SWITZERLAND Pestalozzi ISSUES RELATING TO COMMERCIAL LEASING SWITZERLAND Pestalozzi CONTACT INFORMATION Dr. Anne-C. Imhoff and Dr. Michael Lips Pestalozzi Loewenstrasse 1, 8001 Zurich, Switzerland 41.44.217.91.11 anne-c.imhoff@pestalozzilaw.com

More information

A Guide to Lease Extensions for the Barbican Estate

A Guide to Lease Extensions for the Barbican Estate A Guide to Lease Extensions for the Barbican Estate Under the Leasehold and Urban Development Act 1993 (as amended) ( the Act ) Barbican Long Leaseholders may purchase a new Lease from the City of London

More information

Roland M. Müller, Lukas Heckendorn Urscheler Law Firm and City/Country: VISCHER Attorneys at Law, Basel and Zurich, Switzerland

Roland M. Müller, Lukas Heckendorn Urscheler Law Firm and City/Country: VISCHER Attorneys at Law, Basel and Zurich, Switzerland IBA REAL ESTATE COMMITTEE REAL ESTATE IN A NUTSHELL: SWITZERLAND OWNERSHIP/RESTRICTIONS ON OWNERSHIP BY NON-RESIDENTS Name: Roland M. Müller, Lukas Heckendorn Urscheler Law Firm and City/Country: VISCHER

More information

Guidelines for Investments in Real Estate in Turkey. Questions

Guidelines for Investments in Real Estate in Turkey. Questions Guidelines for Investments in Real Estate in Turkey I. Procedure of a real estate transaction Questions 1. Could you give a short outline with regard to the formal procedure of a real estate transaction

More information

Switzerland. Benedict F. Christ. David Jenny. Vischer. 1. General remarks about retention of title

Switzerland. Benedict F. Christ. David Jenny. Vischer. 1. General remarks about retention of title Published in "Retention of Title in and out of Insolvency" by Globe Law and Business Ltd, 2015 (Consulting editor: Marcel Willems, on behalf of the International Bar Association) Switzerland Benedict F.

More information

Since Poland joined to European Union there has been a reduction in the bureaucracy involved in purchasing real estate.

Since Poland joined to European Union there has been a reduction in the bureaucracy involved in purchasing real estate. INFORMATION SHEET NO.53 Acquisition of Property in Poland May 2007 General Since Poland joined to European Union there has been a reduction in the bureaucracy involved in purchasing real estate. Real Property

More information

REAL PROPERTY TRANSFER TAX DECLARATION INSTRUCTIONS

REAL PROPERTY TRANSFER TAX DECLARATION INSTRUCTIONS City of Chicago Department of Finance REAL PROPERTY TRANSFER TAX DECLARATION INSTRUCTIONS (Form 7551) 1.1 Property Address: This section must be completed. The property address is the address on record

More information

G U I D E T O B U Y I N G C O M M E R C I A L R E A L E S TAT E I N L U X E M B O U R G

G U I D E T O B U Y I N G C O M M E R C I A L R E A L E S TAT E I N L U X E M B O U R G G U I D E T O B U Y I N G C O M M E R C I A L R E A L E S TAT E I N L U X E M B O U R G C O N T E N T S Introduction... 2 Preliminary Matters... 3 Procedure - Real Estate Transactions... 4 I. Freehold

More information

The Landlord and Tenant Act 1954 governs the rights and obligations of landlords and tenants of

The Landlord and Tenant Act 1954 governs the rights and obligations of landlords and tenants of The Landlord & Tenant Act 1954 and Security of Tenure The Landlord and Tenant Act 1954 governs the rights and obligations of landlords and tenants of premises which are occupied for business purposes.

More information

REAL ESTATE INVESTMENT IN POLAND. The Legal Perspective

REAL ESTATE INVESTMENT IN POLAND. The Legal Perspective REAL ESTATE INVESTMENT IN POLAND The Legal Perspective 2 Real Estate Investment in Poland INTRODUCTION There are many reasons why Poland is perceived as one of the most interesting locations for real estate

More information

Real estate transactions in Hungary

Real estate transactions in Hungary Real estate transactions in Hungary INTRODUCTION In general, domestic citizens and companies with foreign owners are allowed to purchase and sale real estates in Hungary. Additionally, the following entities

More information

REAL ESTATE INVESTMENT IN NORWAY The Legal Perspective

REAL ESTATE INVESTMENT IN NORWAY The Legal Perspective REAL ESTATE INVESTMENT IN NORWAY The Legal Perspective 02 Real Estate Investment in Norway INTRODUCTION Norway is a diverse industrial society, with a free market economy and generally low trade barriers.

More information

Acquisition of Italian On-going Business within the frame of Group to Group. Cross-Border Acquisition Projects, the. - Selected Issues -*

Acquisition of Italian On-going Business within the frame of Group to Group. Cross-Border Acquisition Projects, the. - Selected Issues -* Acquisition of Italian On-going Business within the frame of Group to Group Cross-Border Acquisition Projects - Selected Issues -* By: Antonello Corrado and Caterina Mainieri The number of cross-border

More information

Redevelopment/Joint Development of Real Estate. By CA Anil Sathe

Redevelopment/Joint Development of Real Estate. By CA Anil Sathe Redevelopment/Joint Development of Real Estate By SCOPE Taxation aspects of Redevelopment/Joint Development in the case of :- Owner - Individual Co-operative Housing Society Members of the Society Tenants

More information

Free SUBLEASE CONTRACT template for Austria

Free SUBLEASE CONTRACT template for Austria >> www.tempoflat.at Free SUBLEASE CONTRACT template for Austria We re happy to provide this sub lease contract template free of charge. If you are still looking for the right sub tenant, simply list your

More information

Kobalt Law LLP Tunisia. Buying Guide September 2015

Kobalt Law LLP Tunisia. Buying Guide September 2015 Tunisia Buying Guide September 2015 [Type text] London Office: Office 5 Fairbank Studios 75/81 Burnaby street Chelsea London SW10 ONS This guide sets out general points only, which should be borne in mind

More information

Outline of Ancillary Expenses and additional information for the purchase or sale of real property

Outline of Ancillary Expenses and additional information for the purchase or sale of real property 297/1996 recommended by the Federal Chamber of Commerce Austria, Section for Real Estate Experts and Escrow Agents. GZ 2012/03/30 - Mag.Rü/Pe I. Ancillary expenses in the case of purchase agreements 1.

More information

LETTER TO COMPANY - DRAFT CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE (7 TH EDITION 2016 UPDATE)

LETTER TO COMPANY - DRAFT CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE (7 TH EDITION 2016 UPDATE) LETTER TO COMPANY - DRAFT CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE (7 TH EDITION 2016 UPDATE) This is the first of two letters which may be sent by the solicitors giving the Certificate

More information

UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE

UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE The Contracting States, PREAMBLE Reaffirming their conviction that international trade on the basis of equality and mutual

More information

REAL ESTATE INVESTMENT IN GERMANY. The Legal Perspective

REAL ESTATE INVESTMENT IN GERMANY. The Legal Perspective REAL ESTATE INVESTMENT IN GERMANY The Legal Perspective 2 Real Estate Investment in Germany INTRODUCTION The German real estate market continues to be viewed as one of the most lucrative investment destinations

More information

REAL ESTATE INVESTMENT IN UKRAINE. The Legal Perspective

REAL ESTATE INVESTMENT IN UKRAINE. The Legal Perspective REAL ESTATE INVESTMENT IN UKRAINE The Legal Perspective 02 Real Estate Investment in Ukraine INTRODUCTION Despite the challenging sociopolitical and economic situation in Ukraine successful real estate

More information

International Accounting Standard 17 Leases. Objective. Scope. Definitions IAS 17

International Accounting Standard 17 Leases. Objective. Scope. Definitions IAS 17 International Accounting Standard 17 Leases Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation

More information

Buying a residential property in. England and Wales

Buying a residential property in. England and Wales Buying a residential property in CONTENTS Buying a residential property in ----------------------------------------Page 3 Freehold, Leasehold and Commonhold properties------------------------------page

More information

Real Estate Investments. in Denmark

Real Estate Investments. in Denmark Real Estate Investments in Denmark Real Estate Investments in Denmark 2 Contents 1 Introduction... 5 2 Structures for Investing in Real Estate in Denmark... 5 2.1 Purchasing restrictions... 5 2.2 Overview

More information

Referral Partnership Program

Referral Partnership Program Referral Partnership Program In states with REC programs, it is essential that installers and integrators have the tools and knowledge to provide services covering the registration, monetization and management

More information

Direction for General Regulation Concerning Jointly Owned Properties. Chapter One Definitions and General Provisions

Direction for General Regulation Concerning Jointly Owned Properties. Chapter One Definitions and General Provisions Direction for General Regulation Concerning Jointly Owned Properties Chapter One Definitions and General Provisions Article (1) Terms used in the Law In these Regulations, the terms and expressions defined

More information

Security over Collateral. ROMANIA Nestor Nestor Diculescu Kingston Petersen

Security over Collateral. ROMANIA Nestor Nestor Diculescu Kingston Petersen Security over Collateral ROMANIA Nestor Nestor Diculescu Kingston Petersen CONTACT INFORMATION Costin Teodorovici Nestor Nestor Diculescu Kingston Petersen Bucharest Business Park, 1A, Bucuresti Ploiesti

More information

LKAS 17 Sri Lanka Accounting Standard LKAS 17

LKAS 17 Sri Lanka Accounting Standard LKAS 17 Sri Lanka Accounting Standard LKAS 17 Leases CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 17 LEASES paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 4 CLASSIFICATION OF LEASES 7 LEASES IN THE FINANCIAL STATEMENTS

More information

EN Official Journal of the European Union L 320/373

EN Official Journal of the European Union L 320/373 29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting

More information

Principles of Real Estate Chapter 17-Leases And Property Management

Principles of Real Estate Chapter 17-Leases And Property Management Principles of Real Estate Chapter 17-Leases And Property Management This chapter will explain the elements needed for a valid lease, the different rights ascribed to tenants and property owners, and the

More information

CMS Real Estate Finance

CMS Real Estate Finance CMS Real Estate Finance Austria 6 Belgium 14 Bulgaria 20 Croatia 27 Czech Republic 33 England and Wales 41 France 48 Germany 54 Hungary 63 Italy 71 Luxembourg 78 The Netherlands 86 Poland 93 Portugal 101

More information

REAL PROPERTY IN GERMANY

REAL PROPERTY IN GERMANY REAL PROPERTY IN GERMANY LEGAL AND TAX ASPECTS OF DEVELOPMENT AND INVESTMENT Edited by WOLFGANG USINGER and HANS-JOSEF SCHNEIDER Seventh completely revised English Edition of the book originally conceived

More information

The University of Texas System Rules and Regulations of the Board of Regents Rule: 70301

The University of Texas System Rules and Regulations of the Board of Regents Rule: 70301 1. Title Matters Relating to Interests in Real Property 2. Rule and Regulation Sec. 1 Sec. 2 Authority. Texas Education Code Section 65.39 provides that The board of regents of The University of Texas

More information

Anton Didenko (University of Oxford) 06 January 2017

Anton Didenko (University of Oxford) 06 January 2017 Priority rules under Cape Town Convention and interaction with national rules Anton Didenko (University of Oxford) 06 January 2017 Presentation outline 1. Cape Town Convention a brief outline 2. Priorities

More information

Modern Real Estate Practice, 18 th Edition

Modern Real Estate Practice, 18 th Edition Chapter 16 Leases LECTURE OUTLINE: I. Leasing Real Estate A. Definition lease 1. A contract between owner of real estate (lessor) and tenant (lessee) to transfer rights of exclusive possession and use

More information

Outline of Ancillary Expenses and additional information for the Lease (Mietvertrag, Pachtvertrag, Baurecht)

Outline of Ancillary Expenses and additional information for the Lease (Mietvertrag, Pachtvertrag, Baurecht) Outline of Ancillary Expenses and additional information for the Lease (Mietvertrag, Pachtvertrag, Baurecht) This form is being given to you by Mr./Mrs. POLKE&PARTNER Immobilientreuhand Josef Stefan Polke

More information

the goods shall be the items and/or services stated in the purchase order by the Buyer,

the goods shall be the items and/or services stated in the purchase order by the Buyer, 1. These terms and conditions concern and specify the terms and conditions of all contracts entered into by and between the Buyer and the Seller unless otherwise stipulated by the Contracting Parties in

More information

ACKNOWLEDGMENT OF ASSIGNMENT

ACKNOWLEDGMENT OF ASSIGNMENT ACKNOWLEDGMENT OF ASSIGNMENT This Acknowledgment of Assignment (this Acknowledgment ) is made and entered into to be effective as of Effective Date ( Effective Date ) by and among Assignee Name ( Assignee

More information

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term.

Leases. (a) the lease transfers ownership of the asset to the lessee by the end of the lease term. Leases 1.1. Classification of leases A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease

More information

REGULATORY AND RESTRICTIVE COVENANTS FOR LAND USE AGREEMENT

REGULATORY AND RESTRICTIVE COVENANTS FOR LAND USE AGREEMENT LIHTCP-8 WVHDF (7/14/05) REGULATORY AND RESTRICTIVE COVENANTS FOR LAND USE AGREEMENT Low-Income Housing Tax Credit Program West Virginia Housing Development Fund APPENDIX F THIS REGULATORY AND RESTRICTIVE

More information

COMMERCIALISTI ASSOCIATI. SUBJECT: Opinion on Taxation of Real Property - purchases made by foreign persons

COMMERCIALISTI ASSOCIATI. SUBJECT: Opinion on Taxation of Real Property - purchases made by foreign persons Dear TIRELLI & PARTNERS S.r.l. Via Giacomo Leopardi, 2 20123 MILAN (MI) For the kind attention of Mr. Marco Tirelli Milan, 7 October 2014 SUBJECT: Opinion on Taxation of Real Property purchases made by

More information

GENERAL TERMS AND CONDITIONS OF SALE AND DELIVERY (OWSiD) DAFO Plastics sp. z o.o.

GENERAL TERMS AND CONDITIONS OF SALE AND DELIVERY (OWSiD) DAFO Plastics sp. z o.o. e-mail: dafo@dafo.pl http:// GENERAL TERMS AND CONDITIONS OF SALE AND DELIVERY (OWSiD) DAFO Plastics sp. z o.o. General Terms and Conditions of DAFO Plastics sp. z o.o. seated ul. Waksmundzka 193, 34-400

More information

DISCLAIMER: Copyright: 2014

DISCLAIMER: Copyright: 2014 DISCLAIMER: This publication is intended for EDUCATIONAL purposes only. The information contained herein is subject to change with no notice, and while a great deal of care has been taken to provide accurate

More information

Leases (S.566) Manual Part

Leases (S.566) Manual Part Leases (S.566) Manual Part 19-2-21 Document last reviewed May 2017 1 Leases (S.566) 21.1 A lease is a particular form of wasting asset which is subject to special rules. For Capital Gains Tax purposes,

More information

AMERICAN SOCIETY OF APPRAISERS. Procedural Guidelines. PG-2 Valuation of Partial Ownership Interests

AMERICAN SOCIETY OF APPRAISERS. Procedural Guidelines. PG-2 Valuation of Partial Ownership Interests AMERICAN SOCIETY OF APPRAISERS Procedural Guidelines PG-2 Valuation of Partial Ownership Interests I. Preamble A. Business valuation professionals are frequently engaged as independent financial appraisers

More information

The parties, intending to be legally bound, hereby agree as follows:

The parties, intending to be legally bound, hereby agree as follows: Exhibit 2.4(c) Escrow Agreement ESCROW AGREEMENT This Escrow Agreement, dated as of, 199_ (the "Closing Date"), among, a corporation ("Buyer"),, an individual resident in, ("A"), and, an individual resident

More information

Danish Business Lease Law

Danish Business Lease Law Danish Business Lease Law May 2013 Danish Business Lease Law This memorandum was prepared as a service to clients and friends of Gorrissen Federspiel. It describes the Danish Business Lease Law from an

More information

Contracting out of the 1954 Act - but not as you know it

Contracting out of the 1954 Act - but not as you know it Real Estate September 2016 Contracting out of the 1954 Act - but not as you know it Key Contact Introduction Mark Barley Partner Property Litigation T: +44(0) 2380 20 8153 E: mark.barley @bonddickinson.com

More information

General conditions applying to the sale and delivery of live cattle

General conditions applying to the sale and delivery of live cattle General conditions applying to the sale and delivery of live cattle 1. General 1.1 These conditions apply to all offers and tenders of, and to all assignments to, dealers registered with the Cattle Trade

More information

Business Combinations

Business Combinations Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying

More information

Lesson 11: Property Management 1 of Property Management. Real Estate Principles of Georgia. Property Management

Lesson 11: Property Management 1 of Property Management. Real Estate Principles of Georgia. Property Management Real Estate Principles of Georgia Lesson 11: Property Management 1 of 67 275 Property Management Property management: Non-owner supervises operation of income property in exchange for fee. Many brokerages

More information

FOREIGN OWNERSHIP OF CONDOMINIUMS IN THAILAND

FOREIGN OWNERSHIP OF CONDOMINIUMS IN THAILAND FOREIGN OWNERSHIP OF CONDOMINIUMS IN THAILAND 1 Legal Nature of Condominiums and Foreign Ownership Rules A. Definition "Condominium", a relatively recent development in Thailand, is the term used to describe

More information

Bosnia and Herzegovina Framework Pledge Law

Bosnia and Herzegovina Framework Pledge Law Bosnia and Herzegovina Framework Pledge Law (adopted on 21 May 2004, and subsequently amended in November 2004) An initial English translation of this law was generously provided by the USAID-funded project

More information

BOEKHOUDT STEEMAN CIVIL LAW NOTARY OFFICE

BOEKHOUDT STEEMAN CIVIL LAW NOTARY OFFICE BOEKHOUDT STEEMAN CIVIL LAW NOTARY OFFICE GENERAL CONDITIONS OF AUCTION Terms 1. Auction The foreclosure sale of Registered Properties in public, before a civil law notary, on instructions of a mortgagee,

More information

The Swiss Lex Koller remains in force without accentuation

The Swiss Lex Koller remains in force without accentuation Seite 1 von 6 The Swiss Lex Koller remains in force without accentuation Resource type: Article Status: Law stated as at 01-Nov-2015 Jurisdiction: Switzerland The Swiss Federal Act on Acquisition of Real

More information

GOLDEN EAGLE CHARTER SCHOOL

GOLDEN EAGLE CHARTER SCHOOL GOLDEN EAGLE CHARTER SCHOOL Governance Council Policy # 2005.2 The Governance council hereby adopts this Conflict of Interest Code ( Code ), which shall apply to all Governance Council members, candidates

More information

REAL ESTATE INVESTMENT IN RUSSIA. The Legal Perspective

REAL ESTATE INVESTMENT IN RUSSIA. The Legal Perspective REAL ESTATE INVESTMENT IN RUSSIA The Legal Perspective INTRODUCTION Real estate investment offers one of the most secure and effective ways to invest money. As Russian real estate legislation is less complicated

More information

BUYING OR SELLING A PROPERTY IN FRANCE

BUYING OR SELLING A PROPERTY IN FRANCE PRESS RELEASE BUYING OR SELLING A PROPERTY IN FRANCE The France Show Stand 171 13-14 - 15 January 2012 Contacts Patrick-Léon LOTTHE, Notaire + 33 6 09 73 87 55 Hubert-Emmanuel FLUSIN, Notaire, + 33 6 13

More information

closing deal When purchasing or investing in the SE VENDE buying residential land in mexico s restricted zone

closing deal When purchasing or investing in the SE VENDE buying residential land in mexico s restricted zone closing the deal When purchasing or investing in real estate in Mexico, it is important to know and understand that the legal system and the procedural and statutory requirements of Mexico are quite different

More information

Legal Steps to take when buying a property in Dominican Republic

Legal Steps to take when buying a property in Dominican Republic Legal Steps to take when buying a property in Dominican Republic Before entering into any sales contract it s recommended, under the supervision of legal counsel, that the investor conducts a detailed

More information

Applying IFRS. A closer look at the new leases standard. August 2016

Applying IFRS. A closer look at the new leases standard. August 2016 Applying IFRS A closer look at the new leases standard August 2016 Contents Overview 3 1. Scope and scope exceptions 5 1.1 General 5 1.2 Determining whether an arrangement contains a lease 6 1.3 Identifying

More information

- CODE OF ORDINANCES Chapter 48 - PROPERTY MAINTENANCE ARTICLE III. ONE AND TWO UNIT DWELLING RENTAL PROPERTIES

- CODE OF ORDINANCES Chapter 48 - PROPERTY MAINTENANCE ARTICLE III. ONE AND TWO UNIT DWELLING RENTAL PROPERTIES Sec. 48-40. Definitions. Sec. 48-41. Registry of owners and premises. Sec. 48-42. Certificate of compliance required. Sec. 48-43. Issuance of certificate of compliance. Sec. 48-44. Right to examine certificate

More information

DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME HOUSING TAX CREDITS 2019 ALLOCATION YEAR

DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME HOUSING TAX CREDITS 2019 ALLOCATION YEAR DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME HOUSING TAX CREDITS 2019 ALLOCATION YEAR THIS DECLARATION OF LAND USE RESTRICTIVE COVENANTS ( AGREEMENT or LURA ) dated as of, by, a, and its

More information

Sri Lanka Accounting Standard LKAS 40. Investment Property

Sri Lanka Accounting Standard LKAS 40. Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property LKAS 40 CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 40 INVESTMENT PROPERTY paragraphs OBJECTIVE 1 SCOPE 2 DEFINITIONS 5 CLASSIFICATION OF PROPERTY

More information

6 Model Leasehold Mortgagee Protections (Maximum) TABLE OF CONTENTS I. DEFINITIONS LOSSES AND LOSS PROCEEDS A. Prompt Notice B. Casualty C.

6 Model Leasehold Mortgagee Protections (Maximum) TABLE OF CONTENTS I. DEFINITIONS LOSSES AND LOSS PROCEEDS A. Prompt Notice B. Casualty C. 6 Model Leasehold Mortgagee Protections (Maximum) TABLE OF CONTENTS I. DEFINITIONS II. LOSSES AND LOSS PROCEEDS A. Prompt Notice B. Casualty C. Substantial Condemnation D. Insubstantial Condemnation E.

More information

REAL ESTATE INVESTMENT IN RUSSIA. The Legal Perspective

REAL ESTATE INVESTMENT IN RUSSIA. The Legal Perspective REAL ESTATE INVESTMENT IN RUSSIA The Legal Perspective 02 Real Estate Investment in Russia INTRODUCTION Real estate investment offers one of the most secure and effective ways to invest money. As Russian

More information

REAL ESTATE LAW IN POLAND FOR FOREIGN INVESTORS

REAL ESTATE LAW IN POLAND FOR FOREIGN INVESTORS REAL ESTATE LAW IN POLAND FOR FOREIGN INVESTORS July 2013 a member of CONTENTS I. Doing business in Poland by foreign investors 4 1. General rules on conducting business by foreigners 4 2. Forms of conducting

More information

MacKenzie Realty Capital, Inc.

MacKenzie Realty Capital, Inc. MacKenzie Realty Capital, Inc. Transfer Instructions and Forms This form may be used to transfer shares of common stock ( Shares ) of MacKenzie Realty Capital, Inc. (the Company ). PLEASE READ THE FOLLOWING

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting Standards

More information

Frequently asked questions on business combinations

Frequently asked questions on business combinations 23 Frequently asked questions on business combinations This article aims to: Highlight some of the key examples discussed in the education material on Ind AS 103. Background Ind AS 103, Business Combinations

More information

PROPERTY INVESTMENT NOTES

PROPERTY INVESTMENT NOTES OPEN PENSION PROPERTY INVESTMENT NOTES Powered by the London & Colonial... www.londoncolonial.com Contents 1. Introduction... Page 2 2. The People... Page 2 3. The Process... Page 3 4. How do I apply to

More information

Illinois Compiled Statutes Commercial Code Uniform Commercial Code 810 ILCS 5/

Illinois Compiled Statutes Commercial Code Uniform Commercial Code 810 ILCS 5/ Illinois Compiled Statutes Commercial Code Uniform Commercial Code 810 ILCS 5/ (810 ILCS 5/) PART 1. GENERAL PROVISIONS (810 ILCS 5/2A-101) Sec. 2A-101. Short title. This Article shall be known and may

More information

Cyprus. Country Q&A Cyprus. Lefkios Tsikkinis and Mariorita Neocleous Andreas Neocleous & Co LLC. Country Q&A THE CORPORATE REAL ESTATE MARKET

Cyprus. Country Q&A Cyprus. Lefkios Tsikkinis and Mariorita Neocleous Andreas Neocleous & Co LLC. Country Q&A THE CORPORATE REAL ESTATE MARKET Corporate Real Estate 2009/10 Cyprus Cyprus Lefkios Tsikkinis and Mariorita Neocleous Andreas Neocleous & Co LLC www.practicallaw.com/1-386-8238 THE CORPORATE REAL ESTATE MARKET 1. What have been the main

More information

SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES

SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES SSAP 14 STATEMENT OF STANDARD ACCOUNTING PRACTICE 14 LEASES (Issued October 1987; revised February 2000) The standards, which have been set in bold italic type, should be read in the context of the background

More information

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. DRAFT

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. DRAFT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (AE41-5-09)

More information

GLOUCESTER/SALEM COUNTIES BOARD OF REALTORS STANDARD FORM OF BROKER-SALESPERSON INDEPENDENT CONTRACTOR AGREEMENT

GLOUCESTER/SALEM COUNTIES BOARD OF REALTORS STANDARD FORM OF BROKER-SALESPERSON INDEPENDENT CONTRACTOR AGREEMENT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 GLOUCESTER/SALEM COUNTIES BOARD OF REALTORS STANDARD

More information

Real Property Law Notes

Real Property Law Notes Real Property Law Notes PART I: THE CREATION AND ACQUISITION OF PROPERTY INTERESTS IN LAND... 3 1 An Introduction to Real Property Law... 3 2 An Introduction to the Torrens System of Land Title... 3 2.1

More information

Real Estate INSIGHTS. Due Diligence in Real Estate Acquisitions

Real Estate INSIGHTS. Due Diligence in Real Estate Acquisitions Due Diligence in Real Estate Acquisitions One of the most familiar terms in real estate in connection with the purchase of real property is due diligence. Due diligence means conducting an appropriate

More information

Case JMC-7A Doc 738 Filed 12/08/16 EOD 12/08/16 15:01:37 Pg 1 of 10 SO ORDERED: December 8, 2016.

Case JMC-7A Doc 738 Filed 12/08/16 EOD 12/08/16 15:01:37 Pg 1 of 10 SO ORDERED: December 8, 2016. Case 16-07207-JMC-7A Doc 738 Filed 12/08/16 EOD 12/08/16 15:01:37 Pg 1 of 10 SO ORDERED: December 8, 2016. James M. Carr United States Bankruptcy Judge UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT

More information

Exploring European Real Estate

Exploring European Real Estate Exploring European Real Estate 2 Hogan Lovells Exploring European Real Estate In this short guide, we highlight the key legal and practical issues to consider when investing in, or relocating to, key European

More information

The Multi-Purpose Information System of Real Estates in the Czech Republic. Vladimíra ŽUFANOVÁ, Czech Republic

The Multi-Purpose Information System of Real Estates in the Czech Republic. Vladimíra ŽUFANOVÁ, Czech Republic The Multi-Purpose Information System of Real Estates in the Czech Republic Vladimíra ŽUFANOVÁ, Czech Republic Key words: Cadastre; Land management SUMMARY The Cadastre of Real Estate and Land administration,

More information

Buying Property in South Africa as a Non-Resident

Buying Property in South Africa as a Non-Resident 2012 Buying Property in South Africa as a Non-Resident GENERAL INTRODUCTION South Africa has one of the best deeds registration systems in the world with an extraordinary level of precision and security

More information

ADDRESSING THE CHALLENGES OF DOING REAL ESTATE BUSINESS IN MOZAMBIQUE. a deep dive look into tax efficiencies, risk mitigation & legal framework

ADDRESSING THE CHALLENGES OF DOING REAL ESTATE BUSINESS IN MOZAMBIQUE. a deep dive look into tax efficiencies, risk mitigation & legal framework ADDRESSING THE CHALLENGES OF DOING REAL ESTATE BUSINESS IN MOZAMBIQUE a deep dive look into tax efficiencies, risk mitigation & legal framework 1. Mozambique s legal framework and land use regulations

More information

NORTH CAROLINA LEASE AGREEMENT

NORTH CAROLINA LEASE AGREEMENT State of North Carolina NORTH CAROLINA LEASE AGREEMENT Rev. 133C5EE This Lease Agreement (this Agreement ) is made as of this 01 day of June, 2017, by and between ALAN TIMLIN ( Landlord ) and LILLIE YAEGER

More information

REAL PROPERTY TRANSFER TAX DECLARATION

REAL PROPERTY TRANSFER TAX DECLARATION City of Chicago Department of Finance REAL PROPERTY TRANSFER TAX DECLARATION (Form 7551) This manual is meant to assist the Taxpayer in the basic preparation of the 7551 Real Property Transfer Tax Declaration

More information

Mini-Thesis Siam University (International Master of Business Administration), Bangkok, Thailand 2015 CHAPTER IV

Mini-Thesis Siam University (International Master of Business Administration), Bangkok, Thailand 2015 CHAPTER IV CHAPTER IV 4. Land Issues: 4.1 Land Ownership: In Vietnam, land cannot be owned either by individuals or by entities, whether they are Vietnamese or foreign. The Constitution provides that land is owned

More information

GUIDANCE FOR LANDOWNERS AND OCCUPIERS ON CONTRIBUTIONS TOWARDS PROFESSIONAL COSTS

GUIDANCE FOR LANDOWNERS AND OCCUPIERS ON CONTRIBUTIONS TOWARDS PROFESSIONAL COSTS GUIDANCE FOR LANDOWNERS AND OCCUPIERS ON CONTRIBUTIONS TOWARDS PROFESSIONAL COSTS In order to meet the growing demand for reliable electricity supplies, we at Northern Powergrid are continually working

More information

REITs. Institutional investors. Private investors

REITs. Institutional investors. Private investors Slovakia Daniel Futej, Radka Sláviková Geržová and Branislav Mikulay Futej & Partners www.practicallaw.com/3-503-7285 THE CORPORATE REAL ESTATE MARKET 1. What have been the main trends in the real estate

More information

STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ).

STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ). STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ). SECTION 1. CONSTRUCTION OF AGREEMENT. (a) Interpretation. This

More information

Apartment in Berlin-Friedrichshain

Apartment in Berlin-Friedrichshain EXCLUSIVE VACANT APARTMENT IN A HISTORICAL BUILDING There is an empty flat for sale in a monumental architectonical complex from the soviet period in the Frankfurter Allee avenue. This architectonical

More information

SUPPLEMENTAL ENQUIRIES IN CONNECTION WITH THE CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE 7 TH EDITION

SUPPLEMENTAL ENQUIRIES IN CONNECTION WITH THE CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE 7 TH EDITION SUPPLEMENTAL ENQUIRIES IN CONNECTION WITH THE CITY OF LONDON LAW SOCIETY LAND LAW COMMITTEE CERTIFICATE OF TITLE 7 TH EDITION THE FOLLOWING SUPPLEMENTAL ENQUIRIES MAY BE USED WHEN ACTING FOR A BUYER OF

More information

Denmark Negotiated M&A Guide

Denmark Negotiated M&A Guide Denmark Negotiated M&A Guide Corporate and M&A Law Committee Contacts Casper Münter Plesner Law Firm Copenhagen, Denmark cam@plesner.com 1 Introduction to relevant Danish Law The Danish regulations applicable

More information

Sri Lanka Accounting Standard-LKAS 17. Leases

Sri Lanka Accounting Standard-LKAS 17. Leases Sri Lanka Accounting Standard-LKAS 17 Leases -516- Sri Lanka Accounting Standard-LKAS 17 Leases Sri Lanka Accounting Standard LKAS 17 Leases is set out in paragraphs 1 69. All the paragraphs have equal

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended

More information

CUBAN REAL ESTATE FRAMEWORK LAWS

CUBAN REAL ESTATE FRAMEWORK LAWS CUBAN REAL ESTATE FRAMEWORK LAWS Rolando Anillo Foreign investment in real estate has been the engine of growth for many under-developed countries and has served as a vehicle to bolster other economic

More information

ARTICLES CLASSIFICATION

ARTICLES CLASSIFICATION Article ARTICLES CLASSIFICATION ON THE SALE OF REAL ESTATE PROPERTY (SPECIAL PERFORMANCE) ACT THAT ABOLISHES AND REPLACES ON THE SALE OF LAND (SPECIAL PERFORMANCE) ACT 1. Heading summary 2. Interpretation

More information